U.S. stocks ended mixed on Wednesday as investors digested a heavily divided Federal Reserve interest rate decision and continuous rise of crude oil prices.
The Dow Jones Industrial Average fell 0.57 percent to 48,861.81. The S and P 500 sank 0.04 percent to 7,135.95. The Nasdaq Composite Index increased 0.04 percent to 24,673.24.
Seven of the 11 primary S and P 500 sectors ended in the red. The utilities and materials sectors led the laggards, dropping 1.23 percent and 1.1 percent, respectively. Meanwhile, the energy and technology sectors led the gainers, rising 2.35 percent and 0.18 percent.
Monetary policy took center stage as the Federal Open Market Committee voted to keep the benchmark interest rate target unchanged on Wednesday, holding it in a range of 3.5 percent to 3.75 percent. The decision was notable for its split 8-4 vote, marking the first time since 1992 that four committee members dissented.
Both headline and core inflation have been above the 2 percent target for five years and looks set to break above 4 percent next month on gasoline and air fares, so it is understandable why markets and Fed officials are nervous, wrote ING bank on Wednesday.
Oil prices spiked. West Texas Intermediate crude for June delivery surged 6.95 U.S. dollars, or 6.95 percent, to settle at 106.88 dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery jumped 6.77 dollars, or 6.08 percent, to close at 118.03 dollars a barrel on the London ICE Futures Exchange.
On the corporate front, Wall Street's spotlight heavily focused on the technology sector, with four members of the "Magnificent Seven" -- Alphabet, Amazon, Meta Platforms, and Microsoft -- scheduled to report quarterly results following Wednesday's closing bell.
In other notable post-earnings movements, NXP Semiconductors and Seagate Technology Holdings soared 25.5 percent and 11.1 percent, respectively. Visa and Starbucks both advanced more than 8 percent. Conversely, SoFi Technologies dropped over 15 percent, and Robinhood Markets sank 13.24 percent during the session.
U.S. stocks mixed amid historic Fed dissent, surging oil prices
U.S. stocks mixed amid historic Fed dissent, surging oil prices
Russian President Vladimir Putin and U.S. President Donald Trump held a phone conversation on Wednesday, discussing the recent shooting at the White House press dinner, the situation in Iran and the Ukraine crisis, the Kremlin said.
The Russian president informed his U.S. counterpart of Russia's readiness to declare a truce with Ukraine for the period of Victory Day commemorations.
Trump voiced strong support for the initiative, noting that "the holiday marks our common victory over Nazism in World War II," said Russian presidential aide Yuri Ushakov after the phone conversation that lasted over an hour and a half.
At Trump's request, Putin described the current situation along the contact line with Ukraine, where Russian troops maintain the strategic initiative and are pushing back enemy positions, said Ushakov.
Putin reaffirmed that the goals of the special military operation will be achieved in any case, the aide said. Russia would prefer this to be achieved through negotiations, for which Ukrainian President Volodymyr Zelenskymust respond positively to the well-known proposals that have been repeatedly put forward, including by the U.S. side, he said. Russia has handed over more than 20,000 bodies of the deceased to Ukraine, Putin told Trump, adding that Ukraine has returned just over 500 bodies to Russia since the beginning of 2025.
Among the issues on the international agenda, the two leaders focused primarily on the situation in Iran and the Persian Gulf, according to the Kremlin.
Putin viewed Trump's decision to extend the ceasefire with Iran as the right move, as it will help stabilize the situation, Ushakov said, adding that Putin drew attention to the inevitable, extremely dire consequences not only for Iran and its neighbors, but also for the entire international community should the United States and Israel resort to force again.
Russia remains firmly determined to fully support diplomatic efforts aimed at finding a peaceful settlement to the crisis, and has put forward a number of proposals intended to resolve differences over the Iranian nuclear program, said the presidential aide.
Ushakov noted that to this end, Moscow will maintain active contacts with Iranian representatives, leaders of Persian Gulf states, as well as with Israel and the U.S. negotiating team.
For his part, Trump also outlined his assessment of the Middle East situation to Putin.
Putin, Trump hold phone call on issues of Iran, Ukraine
